Amazon, Samara Capital Buy 'More' Retail Chain For 4,200 Crore Rupees
Aditya Birla Group confirmed the development to Reuters Pranab Barua of Aditya Birla Group may head the operations Samara Capital said the firm does not comment on its investments
Amazon.com Inc and domestic private equity firm Samara Capital have bought Aditya Birla Group-owned 'More' retail chain for an enterprise value of Rs 4,200 crore ($580.35 million).
Amazon's latest acquisition adds more heat to the US e-commerce giant's battle with Walmart Inc in the domestic market, after Walmart acquired Flipkart for $16 billion earlier this year.
Samara will buy 51 per cent, while Amazon will have the rest.
Pranab Barua, who heads the retail and apparel vertical of the Aditya Birla Group, is likely to head the operations of the entity, the report added.
Aditya Birla Group confirmed the development to Reuters, but did not elaborate further.
Amazon did not immediately respond to a request for comment, while Gautam Gode, the managing director of Samara Capital, said the firm does not comment on its investments.